S. Korea's bank mortgage loan rate hits 28-month low in March

Source: Xinhua| 2019-04-26 13:09:16|Editor: Xiaoxia
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SEOUL, April 26 (Xinhua) -- South Korea's rate for bank mortgage loans hit the lowest in 28 months on expectations for the country's economic slowdown, central bank data showed Friday.

Rate for home-backed loans by banks averaged an annualized rate of 3.04 percent in March, down 0.04 percentage points from a month earlier, according to the Bank of Korea (BOK). It was the lowest since November 2016.

Expectations for economic slump led to a lower rate for long-term mortgage loans. The country's real gross domestic product (GDP) fell 0.3 percent in the January-March quarter from the prior quarter, posting a negative growth in five quarters.

The rate for all household loans by banks averaged an annualized rate of 3.53 percent in March, up 0.03 percentage points from a month ago.

Rate for bank corporate loans retreated 0.07 percentage points over the month to 3.71 percent last month.

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